IndiaMART to acquire a majority stake in Livekeeping for $6Mn
Category: #business  By Saipriya Iyer  Date: 2022-03-29
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IndiaMART to acquire a majority stake in Livekeeping for $6Mn

IndiaMART InterMESH, an Indian e-commerce company that provides B2B and customer to customer sales services, has recently announced that it is planning to invest around Rs. 45.98 crore (USD 6 million) for acquiring a 51.09% stake in Finlite Technologies.

Under this agreement, IndiaMART will be investing Rs 35 crore (USD 4.5 million) into the company through primary infusion and acquisition of shares from promoters for the remaining amount.

Finlite Technologies, under the Livekeeping brand name, offers value-added services to businesses over their present on-premises accounting softwares, primarily "Tally".

It offers desktop-based digital integration with on-premises accounting software, which automatically syncs the data with its mobile application, aiding users to view their accounting data on mobile.

Businesses can analyze, access and share accounting information like outstanding payments, sales, receivables in real-time via the Livekeeping application.

It also offers API for connecting on-premises accounting software with different ERPs, e-commerce platforms and software qualifying speedily transfer of data.

While speaking on the investment, Mr. Dinesh Agarwal, IndiaMART CEO, said that real-time visibility of accounting data like profitability, revenue growth, cash flow management etc., is a severe yet underserved issue faced by many Indian businesses.

Livekeeping has been able to authenticate an innovative SaaS-based solution to this challenge. Additionally, this investment helps to complete the IndiaMART environment in the accounting ecosystem.

Since its listing on BSE and NSE, IndiaMART has invested in firms like Vyapar, BUSY, M1xchange, Legistify, Superprocure, Real books, Aerchain, Easyecom, Fleetx, Bizom, Shipway, Industry Buying, and Zimyo.

These investments are said to be a part of IndiaMART's long-term objective of contributing to various software solutions, enhancing the ease of doing business for Indian businesses and enterprises.

About IndiaMART

IndiaMART is the largest online B2B marketplace in India, joining buyers with suppliers. With a 60% market share of the online B2B space in India, the channel emphasizes offering a 360-degree solution to large enterprises, SMEs (small & medium enterprises), and individuals.

Source Credit - https://www.business-standard.com/article/news-cm/indiamart-intermesh-to-acquire-stake-in-livekeeping-122032800428_1.html

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Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

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